This Deposit Guarantee agreement is essential for financial institutions operating in Denmark to establish and document the protection of customer deposits under the Danish deposit guarantee scheme. The document is used when establishing new deposit relationships or updating existing arrangements to ensure compliance with current regulations. The agreement details the scope of the deposit guarantee, including coverage limits, eligible deposits, and claim procedures, while ensuring compliance with the Danish Financial Business Act and related EU directives. It serves as a crucial document for both the financial institution and depositor, clearly outlining their respective rights and obligations under the deposit guarantee scheme, and providing necessary regulatory disclosures and consumer protection measures.
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Key Requirements PROMPT example:
Deposit Guarantee
I need a Deposit Guarantee agreement for our Danish retail bank branch opening in March 2025, covering standard consumer deposits up to EUR 100,000 with Danish law compliance.
1. Parties: Identification of the deposit-taking institution and the depositor
2. Background: Context of the agreement and purpose of the deposit guarantee arrangement
3. Definitions: Key terms used throughout the agreement, including regulatory defined terms
4. Scope of Guarantee: Details of the deposit guarantee coverage, including maximum amounts and eligible deposits
5. Deposit Terms: Basic terms governing the deposit, including currency, minimum amounts, and deposit period
6. Regulatory Compliance: Compliance with Danish Financial Business Act and deposit guarantee scheme requirements
7. Rights and Obligations: Respective rights and obligations of the institution and depositor
8. Payment Terms: Terms regarding interest, fees, and charges related to the deposit
9. Guarantee Claims Process: Procedures for making claims under the guarantee scheme
10. Representations and Warranties: Standard declarations by both parties
11. Termination: Circumstances and procedures for terminating the agreement
12. Notices: Communication requirements and contact details
13. Governing Law and Jurisdiction: Confirmation of Danish law governance and jurisdiction
1. Fixed Term Provisions: Additional terms specific to fixed-term deposits, used when the deposit has a predetermined duration
2. Corporate Depositor Requirements: Additional requirements for corporate depositors, used when the depositor is a business entity
3. Multiple Account Provisions: Terms governing multiple accounts under the same guarantee, used when depositor holds multiple accounts
4. Foreign Currency Provisions: Special terms for non-DKK deposits, used when deposits are in foreign currencies
5. Special Status Depositor: Additional terms for special status depositors (e.g., public authorities, financial institutions), used when applicable
6. Joint Account Provisions: Terms specific to joint account holders, used when deposit account has multiple owners
1. Deposit Guarantee Scheme Information Sheet: Mandatory regulatory information sheet describing the Danish deposit guarantee scheme
2. Fee Schedule: Details of any applicable fees and charges
3. Interest Rate Schedule: Current interest rates and calculation methods
4. Regulatory Disclosures: Required disclosures under Danish law and EU regulations
5. Account Terms and Conditions: Detailed operational terms and conditions for the deposit account
6. Claims Procedure: Detailed procedure for making claims under the guarantee scheme
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Clauses
Relevant Industries
Banking
Financial Services
Insurance
Investment Services
Wealth Management
Corporate Banking
Retail Banking
Public Sector
Financial Technology
Relevant Teams
Legal
Compliance
Risk Management
Operations
Customer Service
Retail Banking
Corporate Banking
Treasury
Regulatory Affairs
Account Management
Relevant Roles
Compliance Officer
Legal Counsel
Risk Manager
Banking Operations Manager
Account Manager
Financial Controller
Regulatory Affairs Director
Treasury Manager
Customer Service Manager
Branch Manager
Retail Banking Director
Corporate Banking Director
Chief Risk Officer
Chief Compliance Officer
Chief Legal Officer
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